The latest Portofino condominium tower will rival anything being built in South Florida, developer Robert Rinke told area realtors Wednesday in an invitation-only event to promote the planned 150-unit building on Pensacola Beach.

Rinke said 85 people have already paid $20,000 each to reserve the right to purchase a unit before construction starts on the development's sixth condominium tower. Pre-construction prices range from $1.1 million for a 2,400 square foot, two-bedroom unit to $3.6 million for a 6,500 square foot, four-bedroom penthouse.

"This will be a legacy property, a timeless property," Rinke said as he showed slide after slide of the triangular glass tower, which was designed by Fort Lauderdale-based Adache Group Architects. The company also designed the five existing Portofino towers.

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Real estate developer Robert Rinke talks about the latest phase of construction at the Portofino Island Resort in Pensacola on Wednesday, July 18, 2018.(Photo11: Gregg Pachkowski/gregg@pnj.com)

Rinke said the new tower will have architectural elements similar to the other five towers but will have more glass, larger units and additional amenities, including a conference center.

Plans call for construction contracts to be finalized within the next year, with construction taking two to two-and-a-half years, he said.

Trey Manderson, owner of the Pensacola-based Manderson Realty Group, was among those in the audience. Manderson recalled listening to a similar presentation from Rinke back in 1999 before construction of Portofino Island Resort began.

Back then, Manderson said he questioned whether the large development could be successful on Pensacola Beach.

"I am a believer now because they have done this so many times. Their track record speaks for itself," he said, referring to development partnership between Rinke and the Levin family.

Rinke said he believes the time is right to build additional units on Pensacola Beach. Although condominium prices have not yet fully rebounded to their highest prices from back in 2005, he predicted the beach real estate market will continue to see a steady increase in value.

"From a real estate standpoint, Pensacola Beach is ridiculously cheap compared to most any other beach in the country," he said. "Today we are not seeing speculation, we are seeing true demand from people who really want to live the Pensacola Beach lifestyle."

Adding to the value of Pensacola Beach property is the unusual agreement that deeded the beach from the federal government back in 1947, he said. Because of the agreement, it is difficult for new developments to be approved.

While Perdido Key, Destin, Panama City and other Panhandle beaches have seen widespread development in recent years, Pensacola Beach has seen relatively little development, he said.

"It literally takes an act of Congress to change the development caps, that is why Pensacola Beach is so different from all the beaches to the east and west of us," he said. "This is lowest density beach you will find anywhere around here."

The sixth Portofino tower will include two-, three-, and four-bedroom units. The units will include outdoor living areas with kitchens, fire places, customized flooring and lockout areas, which can be entered separately from the main living space and used as an individual apartment.